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World Federation Of Diamond Bourses
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The WFDB was founded in 1947 to unite and to provide bourses trading in rough and polished
diamonds and precious stones, with a common set of trading practice. The WFDB provides a
legal framework and convenes to enact regulations for its 25 member diamond bourses.
The function of the WFDB is as diverse as the members who belong to it. Ethics,
good business practice and morality are paramount and these are protected vigorously by
the Constitution of the WFDB which provides for Arbitration and Disciplinary procedures
against any bourse member who transgresses the code.
The purpose of the WFDB is to promote understanding and closer co-operation between
peoples all over the world who earn their livelihood in the diamond and precious stones trade.
Furthermore, it is the aim of the WFDB to encourage the establishment of bourses with a view
to eventual affiliation.
The World Diamond Council, which is the body set up by the World Federation, works hand in
hand with over 35 Governments, the European Union and the United Nations to rid the Industry
of the scourge of conflict diamonds.
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WFDB and IDMA, representing all the principal diamond manufacturing and trading centers of the world, have consistently been aware of and been involved in combating the conflict diamonds problem. Particularly, they point to the numerous resolutions passed by themselves and their members.
We believe that more can and should be done to limit, if not eliminate, this problem entirely. We believe that the solution to the conflict diamonds problem is a moral imperative above all others. However, we do not believe that the solution necessarily entails damage or limitation to the 96+% of the world's diamond trade which is legitimate. On the contrary, we believe that an enlightened and effective approach to the problem can lead to the improvement of the diamond market overall.
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